BOSTON & TORONTO--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) today announced a successful implementation of State Street Alpha, its front-to-back asset servicing platform for institutional investment and wealth managers, with BMO Global Asset Management (BMO GAM). BMO GAM is a leading Canadian asset manager with an innovative suite of mutual funds, ETFs, alternative funds, and other investment products.
BMO GAM began the implementation of State Street’s Alpha platform just under two years ago and now leverages Alpha’s extensive end-to-end capabilities across the front, middle and back office, incorporating Charles River Development (CRD), custody, registrar and transfer agency, accounting and a range of supplementary services.
“BMO GAM has been a long-term partner of State Street who has operated our middle and back-office services for many years. By adopting the State Street Alpha solution, we can provide our experienced investment teams with a market-leading end-to-end platform that will benefit the business both now and, in the future,” said Bill Bamber, CEO, BMO Global Asset Management. “Our partnership has enabled us to continue to streamline and modernize our operating model.”
“We are very pleased to have partnered with BMO GAM over the past several years and, most recently, in their successful transition onto our Alpha platform,” said Rob Baillie, president and chief executive officer, State Street Canada. “Alpha provides our clients with fast, reliable data, analytics and real-time insights, all of which are complemented by the platform’s flexibility and open architecture – providing each of our clients with their own interoperable platform.”
The combination of State Street and Charles River Development has enabled the industry’s first-ever global, interoperable services platform for the front, middle and back office from one single provider, known as State Street Alpha. State Street Alpha provides its clients a centralized operating model and technology platform to manage all of their public and private assets investment products underpinned by its cloud native, enterprise Alpha Data Platform. With State Street Alpha, clients can focus on executing their growth strategy without the drag and limitations of a segregated operating model.
“The acquisition of CRD in 2018 was not only a significant investment in our company’s future but also a pivotal moment in State Street’s ability to support our clients in managing their data needs – which today is the most important differentiator for our industry,” said John Plansky, head of State Street Alpha. “We are very pleased with the overall growth of the CRD business and look forward to continuing to increase our innovative capabilities on behalf of our clients.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $40.0 trillion in assets under custody and/or administration and $3.7 trillion* in assets under management as of September 30, 2023, State Street operates globally in more than 100 geographic markets and employs approximately 42,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of September 30, 2023 includes approximately $58 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of July 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.
About BMO Global Asset Management
BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate. Certain of the products and services offered under the brand name, BMO Global Asset Management, are designed specifically for various categories of investors in Canada and may not be available to all investors. Products and services are only offered to investors in Canada in accordance with applicable laws and regulatory requirements.
®/™Registered trademarks/trademark of Bank of Montreal, used under license.
